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Leisure and the Opportunity Cost of Travel Time in Recreation Demand Analysis: A Re-Examination

  • Amoako-Tuffour, Joe
  • Martınez-Espineira, Roberto

Using count data models that account for zero-truncation, overdispersion, and endogenous stratification, this paper estimates the value of access to recreational parks. The focus is on the valuation of the opportunity cost of travel time within the cost of the trip and its effects on estimated consumer surplus. The fraction of hourly earnings that corresponds to the opportunity cost of travel time is endogenously estimated as a function of visitor characteristics, rather than fixed exogenously. We find that the relevant opportunity cost of time for most visitors represents a smaller fraction of their wage rate than commonly assumed previously.

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File URL: http://mpra.ub.uni-muenchen.de/8573/1/MPRA_paper_8573.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8573.

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Date of creation: 2008
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Handle: RePEc:pra:mprapa:8573
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  1. Englin, Jeffrey & Shonkwiler, J S, 1995. "Estimating Social Welfare Using Count Data Models: An Application to Long-Run Recreation Demand under Conditions of Endogenous Stratification and Truncation," The Review of Economics and Statistics, MIT Press, vol. 77(1), pages 104-12, February.
  2. Danielle Hagerty & Klaus Moeltner, 2005. "Specification of Driving Costs in Models of Recreation Demand," Land Economics, University of Wisconsin Press, vol. 81(1).
  3. W. Douglass Shaw, 1992. "Searching for the Opportunity Cost of an Individual's Time," Land Economics, University of Wisconsin Press, vol. 68(1), pages 107-115.
  4. Feather, Peter & Shaw, W. Douglass, 1999. "Estimating the Cost of Leisure Time for Recreation Demand Models," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 49-65, July.
  5. Roberto Martinez-Espineira & Joe Amoako-Tuffour, 2005. "Recreation Demand Analysis under Truncation, Overdispersion, and Endogenous Stratification: An Application to Gros Morne National Park," Econometrics 0511007, EconWPA.
  6. Joseph Hilbe & Roberto Martinez-Espineira, 2005. "NBSTRAT: Stata module to estimate Negative Binomial with Endogenous Stratification," Statistical Software Components S456414, Boston College Department of Economics.
  7. Shrestha, Ram K. & Seidl, Andrew F. & Moraes, Andre S., 2002. "Value of recreational fishing in the Brazilian Pantanal: a travel cost analysis using count data models," Ecological Economics, Elsevier, vol. 42(1-2), pages 289-299, August.
  8. R. Craig Layman & John R. Boyce & Keith R. Criddle, 1996. "Economic Valuation of the Chinook Salmon Sport Fishery of the Gulkana River, Alaska, under Current and Alternate Management Plans," Land Economics, University of Wisconsin Press, vol. 72(1), pages 113-128.
  9. Gurmu, Shiferaw & Trivedi, Pravin K, 1996. "Excess Zeros in Count Models for Recreational Trips," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(4), pages 469-77, October.
  10. Jeffrey Englin & Trudy Cameron, 1996. "Augmenting travel cost models with contingent behavior data," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 7(2), pages 133-147, March.
  11. Englin Jeffrey & Shonkwiler J. S., 1995. "Modeling Recreation Demand in the Presence of Unobservable Travel Costs: Toward a Travel Price Model," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 368-377, November.
  12. Beal, Diana J., 1995. "A Travel Cost Analysis of the Value of Carnarvon Gorge National Park for Recreational Use," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(02), August.
  13. Dietrich Earnhart, 2004. "Time is Money: Improved Valuation of Time and Transportation Costs," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 29(2), pages 159-190, October.
  14. Grogger, J T & Carson, Richard T, 1991. "Models for Truncated Counts," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 6(3), pages 225-38, July-Sept.
  15. Bell, Frederick W. & Leeworthy, Vernon R., 1990. "Recreational demand by tourists for saltwater beach days," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 189-205, May.
  16. John R. McKean & Donn M. Johnson & Richard G. Walsh, 1995. "Valuing Time in Travel Cost Demand Analysis: An Empirical Investigation," Land Economics, University of Wisconsin Press, vol. 71(1), pages 96-105.
  17. John A. Curtis, 2002. "Estimating the Demand for Salmon Angling in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 33(3), pages 319-332.
  18. Casey, James F. & Vukina, Tomislav & Danielson, Leon E., 1995. "The Economic Value Of Hiking: Further Considerations Of Opportunity Cost Of Time In Recreational Demand Models," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(02), December.
  19. Shaw, Daigee, 1988. "On-site samples' regression : Problems of non-negative integers, truncation, and endogenous stratification," Journal of Econometrics, Elsevier, vol. 37(2), pages 211-223, February.
  20. Ian J. Bateman & Guy D. Garrod & Julii S. Brainard & Andrew A. Lovett, 1996. "Measurement Issues In The Travel Cost Method: A Geographical Information Systems Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1-4), pages 191-205.
  21. Joseph Hilbe, 2005. "GNBSTRAT: Stata module to estimate Generalized Negative Binomial with Endogenous Stratification," Statistical Software Components S456413, Boston College Department of Economics.
  22. Hellerstein, Daniel & Mendelsohn, Robert, 1993. "A Theoretical Foundation for Count Data Models," MPRA Paper 25265, University Library of Munich, Germany.
  23. W. Douglass Shaw & Peter Feather, 1999. "Possibilities for Including the Opportunity Cost of Time in Recreation Demand Systems," Land Economics, University of Wisconsin Press, vol. 75(4), pages 592-602.
  24. Carter Betz & John Bergstrom & J. M. Bowker, 2003. "A Contingent Trip Model for Estimating Rail-trail Demand," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 46(1), pages 79-96.
  25. V. Kerry Smith & William H. Desvousges & Matthew P. McGivney, 1983. "The Opportunity Cost of Travel Time in Recreation Demand Models," Land Economics, University of Wisconsin Press, vol. 59(3), pages 259-278.
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